Tag: Godwin Emefiele

Socio-political activist, Deji Adeyanju has criticized President Bola Tinubu for appointing Folashodun Adebisi Shonubi as the acting Governor of the Central Bank of Nigeria (CBN).

TheNewsGuru.com (TNG) reports Godwin Emefiele was suspended by President Tinubu on Friday night with instructions to hand over to his deputy Adebisi Shonubi who is expected to run the affairs of the CBN on acting capacity.

According to Adeyanju, it’s a disappointment for Tinubu to appoint Shonubi as acting CBN governor.

However, Adeyanju said Tinubu’s decision to appoint Shonubi, who is a mechanical engineer, might lead to Nigeria’s failure.

In a Facebook post, Adeyanju wrote: “While I commend President Bola Tinubu for suspending Emefiele, I am highly disappointed that he has appointed Shonubi, a mechanical engineer as Acting Governor of the Apex bank.

“Kenya just appointed an Economist with PhD. as its CBN Gov. Turkey has also recently done the same.

“While we are still saying the FG must stop appointing bankers as CBN Governor because they know nothing about fiscal policies or how to run an economy, the new president goes to appoint a mechanical engineer as Acting CBN Governor. This is why nations fail.”

Emefiele’s suspension long foretold, but announcement unexpected – Expert

A financial expert, Prof. Uche Uwaleke, says the suspension of the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele was long foretold.

Uwaleke,  a Professor of Finance and Capital Market at the Nasarawa State University,  Keffi, said  this  in  an  interview on Friday in Abuja.

He, however, said that the announcement on Friday caught many Nigerians by surprise.

According to him, the President can not sack the CBN Governor, but he can suspend, which is what the he has done.

“Recall that Mr Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration.

“This suspension will mark an end to a turbulent era,” he said.

He said that Emefiele would be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the eNaira and a raft of interventions which helped to stimulate the economy during periods of economic recession.

“To be fair, Emefiele, to a large extent, succeeded in ensuring financial sector stability,  going by the prudential ratios.

“His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates.

“It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN,” Uwaleke said.

He said that on the flip side, Emefiele would also be remembered for the currency redesign exercise which did not go down well with Nigerians.

He added that the CBN Ways and Means, which grew astronomically during his tenure also casted a dark spot on his legacy.

“His greatest mis-step was his attempt to join the list of presidential candidates.

“All said, I think Emefiele deserves some rest now,” he said.

President Bola Tinubu suspended Emefiele from office with immediate effect on Friday.

This was contained in a statement by Willie Bassey, Director, Information Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun  Shonubi,

Shonubi will act as the CBN Governor, pending the conclusion of investigation and the reforms.

Emefiele’s suspension not a surprise – Muda Yusuf

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the suspension of Mr Godwin Emefiele as the CBN Governor is not a surprise.

Yusuf  in an interview on Friday in Lagos, said the suspension showed that “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.”

“The monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.

“The president also hinted of a house cleaning plan for the CBN.

“It is impractical to reform the apex bank and review some of its major policies with Mr Emefiele remaining on seat as governor.”

According to Yusuf, it is therefore logical that CBN governor be advised to proceed on suspension.

“The truth is that there is a major compatibility issue. The parting of ways was inevitable.”

He said that the brazen involvement of the CBN governor in partisan politics was an aberration and most unbecoming.

According to him, it was damaging to the credibility of the CBN and the reputation of the governor himself.

Tinubu suspended Emefiele from office with immediate effect on Friday.

This was contained in a statement by Willie Bassey, Director, Information, Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s  office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Shonubi,

Shonubi will act as the CBN Governor, pending the conclusion of investigation and the reforms.